As an insurance provider, we understand how important it is to safeguard your condo and its contents. Condominium living offers convenience, community, and often a luxurious lifestyle. But home insurance also comes with unique risks and responsibilities. Choosing the right condo insurance is crucial to protecting your home from unexpected damages or liability claims.
Here, we present a guide to some of the best condo insurance companies in Ontario. These providers are known for their robust policies, exceptional customer service, and competitive rates, helping you make an informed decision.
Which Insurance Company Has The Highest Customer Satisfaction In Ontario?
In Ontario, The Co-operators consistently ranks highest in customer satisfaction for auto insurance. According to the 2019 J.D. Power Canada Auto Insurance Satisfaction Study, The Co-operators scored 809 out of 1,000, surpassing other regional insurers.
This strong performance reflects their commitment to customer service and comprehensive coverage options, making them a preferred choice among Ontario residents seeking reliable auto insurance.
How Much Is Condo Insurance In Ontario?
Condo insurance in Ontario typically ranges from $300 to $600 annually, averaging between $25 and $50 per month. However, some reports indicate that the average cost can be as low as $21 per month, totaling approximately $252 annually.
Several factors influence the cost of condo insurance:
| Category | Details | Estimated Cost |
| Average Annual Cost | Typically ranges from $300 to $600 | $25 to $50 per month |
| Low-End Annual Cost | Some policies are available for as low as $252 | $21 per month |
Best Condo Insurance Companies In Ontario
1. Intact Insurance
Why Choose Them?
Intact Insurance is a leading provider of condo insurance in Ontario. Their policies are tailored to cover everything from personal belongings to liability and upgrades to your unit. They also offer additional living expenses coverage if your condo becomes uninhabitable due to an insured loss.
Key Features:
- Comprehensive all-risk coverage.
- Optional add-ons for water damage and sewer backup.
- Discounts for bundling policies.
2. Ontario Insurance Broker
Why Choose Them?
Ontario’s insurance broker is known for its flexible condo insurance options, allowing you to customize your policy to suit your needs. They also offer excellent customer service and digital tools for managing your policy easily.
Key Features:
- Broad coverage for personal property and liability.
- Coverage for unit improvements and betterments.
- Optional coverage for identity theft.
3. The Co-operators
Why Choose Them?
The Co-operators is a trusted name in the Canadian insurance industry, offering specialized condo insurance policies that protect against the unique risks condo owners face. Their commitment to sustainability and community makes them a popular choice for socially conscious buyers.
Key Features:
- Protection for unit upgrades.
- Loss assessment coverage for shared areas.
- Discounts for claims-free history.
4. Desjardins Insurance
Why Choose Them?
Desjardins Insurance is well-regarded for its competitive pricing and wide range of coverage options. They emphasize preventive measures and offer valuable resources for condo owners to reduce risks.
Key Features:
- Standard and optional coverage options.
- Easy claims process with a dedicated app.
- Discounts for loyalty and bundling.
5. TD Insurance
Why Choose Them?
TD Insurance is another top contender for condo insurance in Ontario. Their comprehensive policies include unique perks like green rebuilding coverage, appealing to environmentally conscious homeowners.
Key Features:
- Competitive rates with multi-policy discounts.
- Coverage for unit owners’ responsibilities.
- 24/7 claims support.
What Does Condo Corporation Insurance Cover In Ontario?
In Ontario, condominium corporations are legally required to maintain insurance that covers:
- Damage to Units and Common Elements: This includes protection against major perils such as fire, lightning, smoke, windstorms, hail, explosion, water escape, strikes, riots or civil commotion, impact by aircraft or vehicles, vandalism, or malicious acts.
- Liability Coverage: This protects the corporation from claims related to injuries or damages occurring in common areas, ensuring that the corporation can address potential legal responsibilities.
- Directors and Officers Liability: This coverage safeguards board members against personal liability while performing their duties, provided they act in good faith.
It’s important to note that while the corporation’s insurance covers the building structure and common areas, individual unit owners are responsible for ensuring their personal belongings, unit improvements, and personal liability. Owners should review their corporation’s governing documents to understand the extent of coverage and any additional insurance requirements.
Final Thoughts
As you explore the best condo insurance companies in Ontario, consider what’s most important to you—affordability, comprehensive coverage, or exceptional customer service. By doing so, you can ensure your home and investment are well-protected.
We’re here to help you navigate the complexities of condo insurance and provide a policy that meets your needs. Contact us today to discuss your options and take the first step toward comprehensive coverage!
How Ontario Insurance Can Help You Protect Your Condo Investment?
Choosing the right condo insurance can be overwhelming, but we’re here to make it easy. Our expert advisors will guide you through your options, ensuring you get the best coverage for your home, belongings, and liability needs. Get a personalized quote today and secure your investment with confidence!
